Azerbaijan Slashes Oil Output Forecasts

Azerbaijan has cut its oil output target for 2009 by 20% to 900,000 barrels per day (b/d) as technical problems at the Azeri-Chirag-Guneshli (ACG) project and lower oil prices take their toll on crude production. The output target reduction, from a previous target of 1.14mn b/d, could indicate that the period of stellar output growth enjoyed by Azerbaijan since 2004 has come to a halt. This suggests significant downside risks to

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